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Updated about 8 years ago,

User Stats

24
Posts
4
Votes
Jack S.
  • Washington, England
4
Votes |
24
Posts

Normal mortage vs buy to let mortage U.K ???

Jack S.
  • Washington, England
Posted

Hi all im from the u.k and im looking to start my first property opportunity.

Im wanting to do the BRRR method

Buying in the property , doing the rehab work and renting it out 

im a little confused on what to do when it comes to mortages here in the u.k

Typically you would get a Buy To Let mortage which requires a 25% Deposit and intrest rates are slightly higher than a normal private mortage. legit but exspensive way to do it (this was the way i was going to do it untill i heard otherwise)

I have also heard from alot of different people that i can get a normal residential mortage paying just a 10% Deposit and then do the rehab to the property and if i wish to rent it out and i do. All i have to do is notify the mortage lender and they charge a little extra per month.

I dont know how much experience anyone has on here about the U.K Letting side of things but this is an absolute mindfield .

Any Help would be appreciated .  Thanks All